Using Model Predictive Control to model the Role of the Goverment in the US Economy

Bachelor thesis (2021)

Authors

G.A.E. Douma Mechanical Engineering
T.Y. Lim Mechanical Engineering
G.A.M. van Rijen Mechanical Engineering
C.V.M.M. Vorage Mechanical Engineering
N. van Wering Mechanical Engineering

Contributors

C. Hutters Team Bart De Schutter - Mechanical, Maritime and Materials Engineering (mentor)
Faculty
Mechanical Engineering, Mechanical Engineering
Copyright: © 2021 Gijs Douma, Tom Lim, Gijs van Rijen, Christian Vorage, Nino van Wering
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Published Date

15-01-2021

Language

English

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Faculty

Mechanical Engineering

Abstract

This research paper describes the design and implementation of a Model Predictive Controller, using economic engineering principles, on a model of the US economy. The purpose of the Model Predictive Controller is to mimic the US
government policy by maximizing the Net Domestic Product. The Model Predictive Controller is integrated with a bond graph model which is modeled based on macroeconomic principles and used to simulate the US economy. In all cases, the Model Predictive Controller was able to successfully stabilize the US economy, while maximizing the Net Domestic Product e.g. the economic output of the economy. The model described in this paper provides a promising new way of generating more accurate prospects of future market movements.